More execs say it's OK to misstate financials

[SINGAPORE] More than one-fourth of senior executives in Singapore feel it is justifiable to misstate financial performance in order to survive an economic downturn. The staggering statistic was one of many in EY's 13th and latest Global Fraud Survey.

The exercise, which involved 2,719 interviews with senior decision-makers in the largest companies in 59 countries - conducted between November 2013 and February 2014 - looked at the perceived levels of fraud, bribery and corruption across the world in current times.

It found that financial statement fraud risk is still prevalent. Aside from Singapore's response, EY's survey found that - across the globe - 6 per cent of respondents said that misstating financial performance is justifiable in order to survive an economic downturn. This is an increase from 5 per cent two years ago.